KEY RATING DRIVERS
The affirmations are primarily due to sufficient credit enhancement and the continued principal paydown since Fitch's last rating action.
Fitch modeled losses of 29.9% of the remaining pool; expected losses of the original pool are at 5.7%, including losses already incurred to date (4.2%).
As of the
The Negative Outlooks reflect Fitch's concern over the concentration of the remaining pool and the risk of interest shortfalls should the largest loan transfer to special servicing. Classes C and D, both rated 'AAAsf', could be downgraded if shortfalls were to reach these classes. According to Fitch's criteria, ratings at 'AAAsf' and 'AAsf' should not incur interest shortfalls. Please see the following report 'Criteria for Rating Caps and Limitations in Global Structured Finance' for more information.
The largest loan in the pool is the
Fitch has affirmed the following classes:
Classes A-1 through B have paid in full. Classes H, J, K, L and M have been depleted due to losses and remains at 'Dsf/RE0%'. Fitch does not rate NR class certificates. Fitch has previously withdrawn the ratings on the Interest-only class X-1 and X-2.
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
--'Global Structured Finance Rating Criteria' (
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (
--'Understanding CMBS Interest Shortfalls' (
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Understanding CMBS Interest Shortfalls (Causes, Allocation and Recovery)
Source: Fitch Ratings
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